The 2020 Tax Brackets Are Out. Here’s What You Need to Know – By Chris Morris (Fortune) / Nov 7 2019
After last year’s sweeping changes to the tax code, you might think things were fairly fixed for 2019. Nope.
The Internal Revenue Service on Wednesday released an update for individual income tax brackets to adjust for inflation. While the tax rates themselves haven’t changed, the income amounts defining them have.
Curious where you stand? As always, it depends, in part, on how you file.
The changes don’t stop with the updated tax brackets, though. The standard deduction is now higher, climbing to $12,400 for singles and $24,800 for married people filing jointly in 2020. Personal exemptions were also eliminated.
Continue to article: https://fortune.com/2019/11/07/2020-tax-brackets-irs-deductions-faq/